Biliti Electric enters Portugal and wants to invest €20M in Europe in the next three years
The arrival in Portugal occurs through the GMW Europe brand, which will market electric vehicles.
US multinational Biliti Electric has entered Portugal, where it plans to set up a production unit with the capacity to assemble up to 500 vehicles per month and plans to invest €20 million in Europe over three years.
The arrival in Portugal occurs through the GMW Europe brand, which will market electric vehicles.
“This announcement follows a funding round for Biliti Electric, which has just received an investment commitment of $400 million from the Global Emerging Markets investment fund, which manages assets of around $3.4 billion,” the company said in a statement.
Biliti Electric to create a production unit in Portugal, with assembly capacity for up to 500 vehicles per month, with distribution across Europe. The project will represent a €20 million investment in Portugal and Europe over the next three years.
According to the same note, the first product to be launched is the Taskman, the first electric vehicle with three wheels, which is used by companies such as Amazon, Flipkart, IKEA, SokoWatch, Uber and Zomato.
This 300-kilogram capacity charging vehicle has a battery with an autonomy of 80 kilometres, which can be recharged in 3.5 hours.
Portugal is “the perfect gateway to the European market, but also a market that is, in itself, very interesting, with growing restrictions on diesel vehicles and, consequently, the need for accessible and innovative electric mobility solutions,” explained the company’s CEO, Rahul Gayam.
